Regarding Assessement Year 2008-09
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 January 2011
Dear Experts,
We are Partnership Firm, FY 2007-08 our profit before tax was Rs. 96,87,550/- we have calculate Tax @ 30% and Education Cess @ 3%. Recently our Assessement has been done by the department under section 143(3) of IT Act 1961. We have beed charged Surcharge @ 10%.
I want to know are we liable to pay surcharge i mean in AY 2008-09 surcharge applicable on firms whose income is less than one Croer.
If not what we have to do now.
regards,
We are Partnership Firm, FY 2007-08 our profit before tax was Rs. 96,87,550/- we have calculate Tax @ 30% and Education Cess @ 3%. Recently our Assessement has been done by the department under section 143(3) of IT Act 1961. We have beed charged Surcharge @ 10%.
I want to know are we liable to pay surcharge i mean in AY 2008-09 surcharge applicable on firms whose income is less than one Croer.
If not what we have to do now.
regards,
17 January 2011
Surcharge is payable @10 % on income tax if the taxable income exceeds1 Crore vide paragraph C of Part 1/111 of first schedule of the Finance Act,2008.
Pl file rectification petition u/s 154 citing the above.
Pl file rectification petition u/s 154 citing the above.
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